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- Annotation Keller (1998) reexamines Coe and Helpmans (1995) analysis of international RD spillovers focusing on the weights used to define the foreign RD capital stock. Keller creates random weights and shows that they give rise to positive estimates of international RD spillovers, casting doubts on the robustness of Coe and Helpmans findings. We show that Kellers random weights are essentially simple averages with a random error. We derive alternative random weights and present regressions showing that when they are used to define the foreign RD capital stock, the estimated international RD spillover estimates are nonexistent, as would be expected.
1451843623 (Trade Paper)
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